According to recent reports the housing market in the UK has slowed with sellers requiring a longer time period in which to sell their properties compared to the same time period last year. In spring of 2017 it took approximately 16 weeks to sell a home from the point of listing the property to the point of the sale according to the Royal Institution of Chartered Surveyors (RICS). This spring the average time period it takes to sell a home after listed is 18 weeks.

RICS also reported that June was the 16^th successive month of decline for the housing market.

“It is hard to see what is going to provide much impetus for activity in the housing market in the near term,” remarked Simon Rubinsohn, the Chief Economist at RICS.

Hopeful home buyers are still interested in becoming home owners, and low interest rates remain offered from lenders on mortgages, but not at the volume level seen previously.

Some experts believe the slow-down to be a cautionary outlook from buyers in the midst of uncertainty due to Brexit. Others believe it is the calm before the storm which could occur should the Bank of England’s Monetary Policy Committee (MPC) show signs of increasing the interest rate.

Interest rates remaining low should keep the flow of buyers moving into the housing market, especially first time home buyers.

Homeowners are also expected to remain interested in borrowing with remortgages staying extremely attractive due to low interest rates. A fixed rate low interest remortgage could be a safety net against future rate increases in the years to come.